Brogden calls on
Rudd to delay FoFA

Financial Services Council CEO John Brogden has appealed to the new Labor Party leadership to delay the implementation of the Future of Financial Advice (FoFA) reforms by 12 months. Brogden believes much of the industry is struggling to comply with the legislation, which comes into effect on Monday. While reiterating the FSC’s support for the […]

Planners face “havoc” as report heralds TASA

Financial Planning Association CEO Mark Rantall says he is disappointed with the Parliamentary Joint Committee (PJC) on Corporations and Financial Services recommendation that government proceed with amendments to the Tax Agent Services Act (TASA) despite the industry making a “strong case” for deferring the reforms. Rantall told Professional Planner that the PJC had seemingly ignored […]
Professional Standards

CIOs losing confidence in equities: FSC

The confidence of Australia’s chief investment officers (CIOs) in the equities market has slipped back to mid-2012 levels, according to the latest Financial Services Council’s Chief Investment Officer Index. Their confidence in the investment environment for the June quarter was seven in a range of minus 100 to 100, in which a score of zero […]

Flowers binned, FSC directors and IPA warning

The Institute of Public Accountants (IPA) and the SMSF Professionals’ Association (SPAA) have announced a partnership with the former warning of challenges to the superannuation system while the Financial Services Council welcomes three new directors and ASIC throws out Flowers. Windfall mindset must change: IPA The unfettered use of superannuation on retirement is a threat to the […]

Industry responds to super tax changes

Watered-down changes to the concessional tax treatment of superannuation announced by Minister Bill Shorten have drawn a mixed response from the industry. While government was warned against dipping into the superannuation honey pot by the opposition and a variety of organisations in recent weeks, the rule changes seem more of a thin smear than greedy […]

FSC calls for uniformity on grandfathering rules

The Financial Services Council wants clarity from Treasury on draft regulations around the grandfathering of existing clients, which continues to muddy the conflicted remuneration provision of the Future of Financial Advice (FoFA) reforms. Earlier this month the Australian Securities and Investments Commission (ASIC) released Regulatory Guidance 246, its final guidance on conflicted remuneration, but elements […]